Sector Update: Financial Stocks Climb Late Afternoon

03:58 PM EDT, 06/23/2025 (MT Newswires) -- Financial stocks rose in late Monday afternoon trading with the NYSE Financial Index up 0.8% and the Financial Select Sector SPDR Fund (XLF) adding 1.2%.

The Philadelphia Housing Index gained 2.9%, and the Real Estate Select Sector SPDR Fund (XLRE) advanced 1.5%.

Bitcoin (BTC-USD) increased 1.9% to $102,929, and the yield for 10-year US Treasuries dropped 4 basis points to 4.33%.

In economic news, if conditions are appropriate, the Federal Open Market Committee may consider reducing interest rates as soon as its next meeting in July, Federal Reserve Vice Chair for Supervision Michelle Bowman said Monday at a research conference. "As we think about the path forward, it is time to consider adjusting the policy rate."

The pace of US existing home sales rose by 0.8% to a 4.03 million seasonally adjusted annual rate in May from 4 million in April, compared with an expected decrease to a 3.95 million rate in a survey compiled by Bloomberg, data from the National Association of Realtors showed.

The flash reading of manufacturing conditions from S&P Global was unchanged in June from the 52 reading in May, compared with an expected decrease to a reading of 51 in a survey compiled by Bloomberg.

In corporate news, Goldman Sachs (GS) rolled out GS AI Assistant, a virtual assistant driven by generative AI, across the company to raise productivity, Reuters reported, citing an internal memo. Goldman shares added 0.9%.

HSBC (HSBC) is weighing plans to bring more employees back to offices, a move that may raise its real estate costs by about $200 million annually, Bloomberg reported. HSBC (HSBC) shares rose 1%.

Bank of New York Mellon (BK) recently approached Northern Trust (NTRS) to express interest in a potential merger between the companies, The Wall Street Journal reported. Northern Trust (NTRS) shares jumped 7.8%.

Howard Hughes (HHH) shares fell 3.6% after JPMorgan downgraded the stock to neutral from overweight and cut its price target to $76 from $82.

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